Vancouver, British Columbia: FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ) announces that due to high interest from existing shareholders, the size of the non-brokered private placement (the “Offering”) announced today has been increased to gross proceeds of up to CAD$1 million.
The Offering will now consist of up to 3,333,333 common shares of the Company at a price of CAD$0.30 per share (“Common Shares”) with a full four-year warrant (“Warrants”) exercisable at $0.60 per share but subject to accelerated expiry terms if the Company’s shares trade at or above $1.00 per share for 20 consecutive days.
The proceeds from the Offering will be used for work related to the Company’s Macmillan Pass Project in Yukon, Canada, and for general working capital purposes.
Closing of the Offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. The Common Shares and Warrants issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing.
About Fireweed Zinc Ltd. (TSXV: FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. The Company is advancing its district-scale 544 km2 Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with current large Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes option agreements on large blocks of adjacent claims (MAC, MC, MP, Jerry, BR and NS) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.
Additional information about Fireweed Zinc and its Macmillan Pass Zinc Project including maps and drill sections can be found on the Company’s website at www.FireweedZinc.com and at www.sedar.com.
ON BEHALF OF FIREWEED ZINC LTD.
CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Corporate Presentation Corporate Factsheet 43-101 Resource Report 43-101 Preliminary Economic Assessment Yukon Geoscience 2019 Presentation Online Townhall 2020 Presentation